The former chief economist at the Bank of England has told Sky News that Rachel Reeves dire warning about the state of the economy has done more harm than good.
Andy Haldane told Sophy Ridge the chancellor’s July statement had “generated a fear and foreboding and uncertainty among consumers, businesses and investors in UK PLC”.
He said the comments were “unnecessary and probably unhelpful economically”.
The government has warned that next week’s Budget will be “painful” after Ms Reeves said she had discovered a £22bn fiscal “black hole” in the country’s public finances.
#economy #budget2024 #keirstarmer
SUBSCRIBE to our YouTube channel for more videos:
Follow us on Twitter:
Like us on Facebook:
Follow us on Instagram:
Follow us on TikTok:
For more content go to and download our apps: Apple Android
Sky News Daily podcast is available for free here:
Sky News videos are now available in Spanish here/Los video de Sky News están disponibles en español aquí:
To enquire about licensing Sky News content, you can find more information here:
source
24 Comments
Other promble is with people taking money out of the countie and people with to much savings people need to spend that much to put it back in but on other hand there is people with no money that fact is there is not enough money to go around they need to make more money
Why worry about 22 billion when uk is trillion 2.7 in debt 🤔
recession?
The politicians caused the crisis in this country and they now want the hard working tax payer to accept hard times so that the politicians can try and solve all the problems that they caused in the first place. How despicable!!!
These guys are insane saying we need to chuck more cash at the NHS, we've been lobbing cash at it for years and it's just got worse and worse.
Was the removal of the winter fuel payment done in exchange for the Bank of England's support in supporting Labour and growth?
E.g. interest rate going down.
E.g.Higher wages for public sector.
E g. Other budget decisions to come.
I would take Haldane and the BOE tinkerers with a bucket of salt. Bureacratic bunglers extraordinaire.
Does anyone know what is in this black hole? Does it really exist?
So focused on making sure we all knew it wasn’t their fault 🤣😂🤣🤡🤡🤡
Take from our pensioners and fund a war that’s nothing to do with uk !!!!
What about sending weapons to other countries does that add to your Black hole
What about sending weapons to other countries does that add to your Black hole
This guy was a breath of fresh air, he seems to have a good grasp of everything, he should be chancellor.
The boE and treasury have no policies for growth as wedded to the EU-IMF system. Starmer has no policy for growth as he believes that public Expenditure is 'growth'.
Troll accounts supporting Tories 😅 🖕
Why is he not wearing his old shcool tie….thats how he got his job ?
The black hole…black holes…was caused by tory policies. Brexit costing the country billions of pounds in lost trade and tax reveneus…also the insane money pit HS2…why are we spending billions on it..why are we building it. !
Why aren't they closing the loopholes that are allowing the big companies that aren't paying the correct tax to carry on trading. Fine them, freeze their accounts, and stop allowing these thieves to trade unfairly.
Labour won't provide a breakdown of the £22bn black hole.
They used its existence to remove the winter fuel allowance for which they conducted no impact assessment.
When in opposition they 'opposed' making the payment means-tested, giving a figure of 4,000 excess pensioner deaths as the cost.
The country is being made a fool of.
We have gone from 14 years of hell to a group of people who feel above inspection and who are 'allowed' to experiment on us as they see fit.
Labour, around 2004, told us that only 11,000 from eastern Europe would come here to settle when the EU was expanded eastward.
We would not need to do as France and Germany and have a five year moratorium before they could settle in the country.
The result, we were swamped and despite leaving the EU many remain.
Both Labour and Conservatives are responsible for the population rising from 58m in 2000 to 68m in 2023 with our public services on the verge of collapse.
The Conservatives have their mantra of believing in 'lower taxes' / 'tax cuts'; the Labour party's mantra is the politics of envy.
Everyone must be poor and on handouts.
We are governed by the least able and morally corrupt.
£22bn blackhole. Rubbish, how much has Labour and Starmer just given the unions? The math does not work.
Ft times sent a freedom of information claim to see where the 22 billon Blackmore was hidden and the treasury said they don't know the real figure is so basically the mps are lying simples😂
Nah, it didn't, we haven't seen the accounts.
7 billion per year given away in UK via tax evasion. We can't be broke.
there is no blackhole and they know it. It’s not how economics in a currency producing country works. Lies.
I think it would have been "helpful" if successive tory chancellors hadn't lied to the British people about the state of our finances. Don't shoot the messenger. At least this Chancellor is trying to do something about it now so that future generations can benefit. Rather than ease the tax burden by destroying our services and letting generations suffer when there are no public services left.